Place egg ring molds into a non-stick skillet that has been lightly oiled over a medium-high heat and crack an egg into each mold. Break the yolk into the white. Add water to the outside of the ring molds and cover the pan. Let eggs cook for 3 to 4 minutes or until the eggs are no longer translucent.
While the eggs are cooking, heat up the Canadian bacon slices in another pan for 1 to 2 minutes or until slightly golden brown.
Toast English muffins until golden brown. Lay a slice of cheese on the bottom of the English muffin, followed by the egg, Canadian bacon, and top of the muffin. Enjoy warm.